Sydney recorded its sixth busiest auction week | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s Real Estate Wrap with Leanne Pilkington, CEO of Laing+Simmons and Deputy President of the REINSW.
Sydney recorded its sixth busiest auction week on record this week, with 1,481 homes taken to auction across the city.
Originally slated to be Sydney’s fourth busiest week of all time, approximately 70 auctions were rescheduled across the city this week, likely due to the extreme weather events in the city’s west.
This week’s auction activity is up 30.4% compared to the week prior when 1,136 auctions were held.
With 1,180 of the results collected so far, Sydney recorded a 3.1% point fall in its preliminary clearance rate from 68.2% to 65.1%.
Last week’s preliminary clearance rate (68.2%) was revised to 63.8% at final figures.
This time last year 81.4% of the 821 auctions held in Sydney were successful.
Hey everyone Leanne Pilkington back in Sydney for this week’s Real Estate Wrap the week commencing the 11th of April.
So this weekend 1,481 properties went to auction about 70 of the properties actually were withdrawn so it’s nowhere near as big as we thought it was going to be. The bad weather apparently played quite a part in that last weekend. So, 1,481 properties at a 65.1% preliminary clearance rate.
Last week, the numbers are 30 up on last week despite those withdrawals so last week we had 1,136 properties with a final clearance rate of 63.8%.
We can see our clearance rates are slowly coming down.
Same weekend last year, 821 properties with a final clearance rate of 81.4%
Across Australia, the busiest week of the year in Australia and the sixth busiest year since CoreLogic started records back in 2008.
So, 3,983 properties went to auction with a preliminary clearance rate of 68.7%.
Nationally the preliminary rates are a little bit higher than what we’re seeing here in Sydney.
Our highest clearance rate was in Ryde 72.9%, the Central Coast was the lowest again at 54.3%.
And prices interestingly across the country prices are 18.2% higher than they were 12 months ago but that’s the first time since August that we’ve seen that annual rate fall below 20%. So what that means is price growth is slowing around the country but here in Sydney we are seeing those prices come back little by little.
So, it’s very interesting to see where all of this ends up.
Obviously, Eastern next weekend, Greek Easter, and ANZAC weekend so we’ve got two long weekends so I’m expecting almost no auctions over the next couple of weeks and we’ll see what the weekends in May start to look like very soon.
Take care and enjoy easter everybody. Bye!